G8 members - the UK, France, Japan, the USA, Germany, Canada, Russia and Italy.
Here, global issues are discussed in a relaxed manner. The G8 countries are 8 of the 13 richest/top exporters in the world. It was formed in France after the 1973 oil crisis.
Positives - they work together with more money, there is more debate and it is relatively easy for decisions to be made.
Negatives - one disagreeing member can be overlooked and it is very expensive to run.
G20 members - South Africa, Italy, Mexico, Australia, Indonesia, the USA, Canada, the Republic of Korea, Argentina, Saudi Arabia, China, India, the UK, Russia, Brazil, Germany, Turkey, France and Japan.
This is a meeting of 20 finance leaders. It was formed as a response to the financial crisis of the 1990s.
Positives - they get to work together, it creates a global community, they are quite likely to agree and trade deals can be formed.
Negatives - one disagreeing member can be overlooked, the costs are huge and contributing money is needed.
Newly Industrialised Countries (NICs)
These are middle-income nations. Their exports and average earnings have risen extremely quickly since the 1970s. They include: Brazil, Mexico, Argentina and the Asian Tigers (Hong Kong, Singapore, South Korea and Taiwan). The aforementioned countries are now often referred to as RICs (Recently Industialised Countries) to distinguish them from new NICs. New NICSs include India and China.
Least Developed Countries (LDCs)
This term is used to descirbe the world's poorest low-income nations. There are 50 LDCs in the world. They are sometimes called "forth world" due to their bleak conditions. They are also sometimes called "failed states" - especially Afghanistan and Sudan. The top 10 LDCs (very poorest countries) are as followed:
1) Haita 9) Benin
2) Cape Verde 10) Sao Tome and Principe
6) Sierra Leone
Organisation of Petroleum Exporting Countries (OPE
Since the 1960s, many of the world's major oil producers belong to this group. Petro-dollar earnings (money made from selling oil) of states make them wealthy e.g. in 2007, Saudi Arabia had a GDP of $350 billion. These countries show levels of wealth which are way above average. Unfortunately, this wealth is not fairly distributed among its citizens, with only a few keeping the money e.g. Nigeria, an OPEC member whose life expectancy is only 44 years. OPEC members include Saudi Arabia, Nigeria, Venezuela and the United Arab Emirates.
Transnational Corporations (TNCs)
They have their headquarters in one country (usually an MEDC) and create their products in other countries (usually LEDCs) for cheap labour. Many company HQs are based in the UK because of tax breaks by the government; however, as these cease, HQs are moving. An example of a TNC is Tesco or Pfizer (a pharmaceutical company).
These are groups which allow trade between their members with no added tax. They can contain varying economic development countries, for example NAFTA. Only the EU allows free movement through borders (except the UK) through the Shengen Agreement - most only allow easy/free trade of goods and money.
NAFTA (North America Free Trade Alliance) - This consists of Canada, the USA and Mexico. It allows the exploitation of cheap labour in Mexico and cheaper goods for the USA and Canada.
EU (European Union) - This consists of 27 countries and allows free trade of goods, money and people: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the UK.